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durbin said social security hasn't added a dime to the deficit. in 2012 it added $160 billion of debt. that is more than a dime. there are 2.5 trillion in the trust fund in social security that will take care of it for 20 more years, 25 more years. that means pieces of paper in the trust fund where the treasury says we will pay you. it doesn't have the money. it spent surpluss in the past. that's a promise from the treasury which is pank ru bankrupt. that is infection but they know it. the republicans are bad guys these are good guys. surprising to me the president wokd get the revenues he wants from de deductions and exclusions. it is on rates not for economic reasons but political. he wants to break the backs of republicans. it this is a continuation of his campaign he thinks he wants it and now he wants to drive the steak through it. it is all about politics nothing about economics. >> democratic congressman chris van holland appeared on special report. there are cuts to the president's budget but republicans haven't paid attention to them. >>
durbin said social security hasn't added a dime to the deficit. in 2012 it added $160 billion of debt. that is more than a dime. there are 2.5 trillion in the trust fund in social security that will take care of it for 20 more years, 25 more years. that means pieces of paper in the trust fund where the treasury says we will pay you. it doesn't have the money. it spent surpluss in the past. that's a promise from the treasury which is pank ru bankrupt. that is infection but they know it. the...
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it's a ten-year framework that cuts the deficit by $2.2 trillion. it includes $600 billion in health care cuts-- mostly medicare and medicaid-- $300 billion in other mandatory spending and $300 billion in cuts to all other federal spending. by contrast, the president has proposed around $600 billion in cuts to all entitlements, including medicare and he'd reduce other federal spending by $100 billion a year. the president has also proposed spending $50 billion in new stimulus and republicans have refused to consider it. the biggest difference by far is in how to raise new revenues. republicans would raise $800 billion by reducing tax loopholes, not with a tax rate increase. the president would double new revenues to $1.6 trillion, with most of that coming from higher taxes on households making more than $250,000. the president and his negotiators have told republicans there won't be a fiscal cliff deal without that tax increase. the white house today dismissed that counteroffer as nothing new and urged republicans to "get serious about the fiscal cl
it's a ten-year framework that cuts the deficit by $2.2 trillion. it includes $600 billion in health care cuts-- mostly medicare and medicaid-- $300 billion in other mandatory spending and $300 billion in cuts to all other federal spending. by contrast, the president has proposed around $600 billion in cuts to all entitlements, including medicare and he'd reduce other federal spending by $100 billion a year. the president has also proposed spending $50 billion in new stimulus and republicans...
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Dec 6, 2012
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bush inherited a surplus and left with a massive deficit. didn't monitor the financial system and so on. the most important point is david's right about, which is there's no such thing as a presidential referendum election. i've covered ten of these and they've all been choices. why? because these two candidates live in everybody's living rooms. people make a judgment about their character -- >> reagan was partially positive, just anti -- >> oh that became a choice election after reagan appeared in that one debate against carter and people said, hey, he isn't so bad. i have a choice. >> one of the other players, besides the two candidates was bill clinton, the former president, don't think anybody made a better case of making the case for obama than bill clinton. at the convention a critical moment when he explained the arithmetic of what obama inherited. >> in tampa the republican argument against the president's re-election was pretty simple, pretty snappy. it went something like this. we left him a total mess. he hadn't cleaned it up fast
bush inherited a surplus and left with a massive deficit. didn't monitor the financial system and so on. the most important point is david's right about, which is there's no such thing as a presidential referendum election. i've covered ten of these and they've all been choices. why? because these two candidates live in everybody's living rooms. people make a judgment about their character -- >> reagan was partially positive, just anti -- >> oh that became a choice election after...
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. >> what the president has said is we need $1.6 trillion as part of an overall deficit reduction plan, because if you don't get those additional revenues, but you also try and reduce the deficit, you end up whacking everybody else much harder. and so, it's really important to have that revenue number as high as possible. >> sure. >> look, the president's already been clear, ed. on cuts, he will continue to implement over the next ten years over $1 trillion in cuts that he agreed to as part of the budget control act, 100% cuts. and at the time, he said we've got to come back and do revenue. he "life & style weeklalso call billion in cuts and laid out exactly what those should be. >> catch "the ed show" here at 8:00 p.m. eastern on msnbc, the place for politics. >>> well, new jersey governor chris christie is making a personal plea for federal disaster aid in the wake of hurricane sandy. the republican governor paid an unannounced visit to the white house to ask the president for $83 billion in aid for new jersey, new york and connecticut. he also met with members of congress. it was th
. >> what the president has said is we need $1.6 trillion as part of an overall deficit reduction plan, because if you don't get those additional revenues, but you also try and reduce the deficit, you end up whacking everybody else much harder. and so, it's really important to have that revenue number as high as possible. >> sure. >> look, the president's already been clear, ed. on cuts, he will continue to implement over the next ten years over $1 trillion in cuts that he...
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. >> the plan to reduce the deficit with bill clinton former chief of staff. those are your 5@5:30. doug luzader is life in washington with more. >> good morning, guys. we are looking for an important report coming out today. the expectation is -- first of all talking about unemployment. we know they fell. but the expectation today is that the unemployment rate will probably be unchanged which means it is stuck at about 7.9 percent. as far as the markets are concerned they are not exactly tanking but there is a lot of uncertainty. businesses and investors are unsure about what their tax burdens will be like this year. the impact that the fiscal cliff could have on the economy will go up across the board. >> as we get closer and closer to the end of the year i think the uneasiness will continue and the worry we might not see a resolution is going to effect our market. >> it has an impact or hiring as well. physical we go over the cliff the long-term benefits will in fact expire at the end of the year. as the president visited a family in virginia to talk about tax hikes on the wealth
. >> the plan to reduce the deficit with bill clinton former chief of staff. those are your 5@5:30. doug luzader is life in washington with more. >> good morning, guys. we are looking for an important report coming out today. the expectation is -- first of all talking about unemployment. we know they fell. but the expectation today is that the unemployment rate will probably be unchanged which means it is stuck at about 7.9 percent. as far as the markets are concerned they are not...
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right now with fourth year in a row with over a trillion dollars in deficit spending, that deficit and debt continues it to climb. it doesn't wipe it out. what does it do to the overall economy. we're not just dealing with one tax increase right now. the affordable care act actually begin on january 1st as well for people making $200,000 or more or people with large medical bills. that already starts coming up. this is an additional tax increase on top of that tax increase. >> what about what bill clinton said? he said once things start to get better, and that's a crucial point he was making. he wasn't saying doing it right away. once it gets better, taxes go up on the middle class. do you agree with that? >> i don't, actually. the reason being is that right now if you look at the real math on it, in 2007 and 2012 we have the same amount of revenue. obviously 2008 and '09 we had a dramatic drop in federal revenues coming in. we've slowly climbed back up. revenue has gone up every single year in the obama administration, and now we're at historic highs. the difference is our spending in
right now with fourth year in a row with over a trillion dollars in deficit spending, that deficit and debt continues it to climb. it doesn't wipe it out. what does it do to the overall economy. we're not just dealing with one tax increase right now. the affordable care act actually begin on january 1st as well for people making $200,000 or more or people with large medical bills. that already starts coming up. this is an additional tax increase on top of that tax increase. >> what about...
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they have not contributed to the deficit. >>neil: show me an entitlement you would top. we are not talking about taking food away from the elderly, is there anything you would touch beyond taxing rich people? >>guest: we have to take a serious look at medicare. >>neil: your organization seems to put out, don't touch that, not now, not part of this deal. >>guest: what we saying, we can generate $950 billion of the $1.2 trillion we need over 10 years without eliminating or reducing benefits with medicare. i am also saying if we are looking for additional cuts and we need to do more everyone must be open. >>neil: but you are not open to the thing you said. you were one of the best speechers at the democratic convention but the speech ain't flying. it is implying it is on the republicans they better cough up more in taxes because we will keep feeding the beast. it is not about taming the beast but feeding the beast. >>guest: i need to say this, most of viewers watch this show now believe that all of us are involved in some kind of negotiation. that is not true. >>neil: there
they have not contributed to the deficit. >>neil: show me an entitlement you would top. we are not talking about taking food away from the elderly, is there anything you would touch beyond taxing rich people? >>guest: we have to take a serious look at medicare. >>neil: your organization seems to put out, don't touch that, not now, not part of this deal. >>guest: what we saying, we can generate $950 billion of the $1.2 trillion we need over 10 years without eliminating or...
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i mean, we have a -- we have a big problem in terms of the deficits we're running. but let me just ask you this crucial question about where we're going to go from here, grover. because i know you have this kind of soul-searching moment in front of you. where you can keep going ahead and saying no revenue, right? has to be revenue-neutral. and you might lose. or you can start to bend a little bit. are you going to have to start to bend? >> well, i'm in favor of more revenue. if you talk about the tax reform that speaker boehner has talked about in the letter that he and all the republican leadership sent to obama asking him to get serious about spending restraint, which he hasn't done yet -- >> but can i just clarify -- >> reduce rates and broaden the base. >> it didn't say for sure let's reduce rates. >> yes, it did. >> it opened the door to reducing rates -- john boehner has put on the table before he would be willing to raise revenue without cutting rates. >> no, in the context of tax reform, i think the letter is very clear. in the context of tax reform, which r
i mean, we have a -- we have a big problem in terms of the deficits we're running. but let me just ask you this crucial question about where we're going to go from here, grover. because i know you have this kind of soul-searching moment in front of you. where you can keep going ahead and saying no revenue, right? has to be revenue-neutral. and you might lose. or you can start to bend a little bit. are you going to have to start to bend? >> well, i'm in favor of more revenue. if you talk...
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all of this deficit reduction stuff, there isn't any. there aren't any spending cuts. >> greta: while democrats and republicans fight it out, the nation is waiting and waiting and waiting and suffering as they wait. former new york city mayor rudy guiliani joins us. good evening, mayor. >> how will this unravel? >> if you take them at their word, it sounds like the president is anxious to go over the fiscal cliff, and he leaves very little room for republicans to negotiate with him with a 1.7 trillion dollar tax increase, 50 billion more in stimulus spending, and absolutely no expenditure reductions that are going to take place right now. i mean, from the point of view of republicans, you're going to get more spending decreases if you go over the fiscal cliff than if you deal with president obama. >> greta: well, it appears to many in the city that it's politico check mate for the president. if we go over the fiscal cliff, what it means is the taxes will go up on the wealthy, the big earners. it also goes up on the middle class. i assume
all of this deficit reduction stuff, there isn't any. there aren't any spending cuts. >> greta: while democrats and republicans fight it out, the nation is waiting and waiting and waiting and suffering as they wait. former new york city mayor rudy guiliani joins us. good evening, mayor. >> how will this unravel? >> if you take them at their word, it sounds like the president is anxious to go over the fiscal cliff, and he leaves very little room for republicans to negotiate...
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Dec 2, 2012
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lo discutimos con juan josÉ vargas y danilo medina enfrenta la primera crisis de su gobierno por el dÉficit fiscal que hereÓo de leonel fernÁndez miles llevan semanas protestando y exigen cuentas al ex-presidente fernÁndez a quien acusan de mal manejo y corrupciÓn para hablar de estos estamos con dos periodista que siguen de cerca el caso, nuria y alicia ortega. esta con nosotros nicolÁs... presidente de techo una organizaciÓn social que da a conocer la realidad de la pobreza en todo el mundo nos dice cÓmo ayudar con casas a familias en extrema pobreza. y comenzamos. vamos al punto, con jorge ramos. . >>> vamos al punto, mÉxico tiene un nuevo presidente, aunque no todos en mÉxico, consideran a peÑa nieto como su presidente, peÑa nieto obtuvo mÁs votos en la elecciones de julio a pesar de acusaciones de fraude de lÓpez obrador, un tribunal electoral dijo que estas acusaciones eran infundadas y le dio el triunfo a peÑa nieto ayer en mÉxico, el que fuera kahned dado del pri tomÓ posesiones. nuestro corresponsal estuvo ahÍ. >>> jÓvenes pedÍan auxilio por un hombre con una her
lo discutimos con juan josÉ vargas y danilo medina enfrenta la primera crisis de su gobierno por el dÉficit fiscal que hereÓo de leonel fernÁndez miles llevan semanas protestando y exigen cuentas al ex-presidente fernÁndez a quien acusan de mal manejo y corrupciÓn para hablar de estos estamos con dos periodista que siguen de cerca el caso, nuria y alicia ortega. esta con nosotros nicolÁs... presidente de techo una organizaciÓn social que da a conocer la realidad de la pobreza en todo el...
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Dec 5, 2012
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should you say you're cutting the deficit $800 billion? the real issue is this. if we're going to get serious about negotiating, okay? we can have programs that aren't on the books anymore now, i understand that we're not spending that money, but when you come to the table to rise above for a compromise, don't bring me air and say, see? i'm not spending this, so it's a savings. it's only a saving when you hear the scissors cutting through it, carl. so people need to get real on both sides of the aisle and address real, not baseline, real savings by cutting spending. back to you. >> rick, is that real money you're cutting up down there? >> you know what? even though this is one of the last bastions of capitalism, those were not real benjamin frank lynn. so, see? i'm ready for negotiation. put me on the team. i just did a lot of cuts that mean nothing. boy, how much did i save us over ten year. >>> thank you, rick. more santelli in the third hour. >>> still ahead, of course, live coverage of president obama's remarks on the fiscal cliff and the negotiations before
should you say you're cutting the deficit $800 billion? the real issue is this. if we're going to get serious about negotiating, okay? we can have programs that aren't on the books anymore now, i understand that we're not spending that money, but when you come to the table to rise above for a compromise, don't bring me air and say, see? i'm not spending this, so it's a savings. it's only a saving when you hear the scissors cutting through it, carl. so people need to get real on both sides of...
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social security didn't contribute to the deficits and debt. i don't think there will be any appetite whatsoever for touching social security. but those points i think democrats are quite unified on. the area where i think there is room for negotiation and compromise is, the rates are going to go up. i think we all recognize that. will the rates go up completely? are there other ways where they can come up somewhat short of that but make up the revenues by reducing deductions from higher income families? >> so the deal that we're talking about is halfway between the current rate and the former rate? >> well, i wouldn't say halfway. but i would say, as long as you can get to the revenues, if you can increase the rates and reduce the deductions for upper income households, you can get to the same dollar number and i think there's a willingness to entertain that. it does tend to complicate the tax code. the simplest way is simply to raise the tax rates up to the clinton levels and, you know, we do have a strong interest in simplifying the tax code
social security didn't contribute to the deficits and debt. i don't think there will be any appetite whatsoever for touching social security. but those points i think democrats are quite unified on. the area where i think there is room for negotiation and compromise is, the rates are going to go up. i think we all recognize that. will the rates go up completely? are there other ways where they can come up somewhat short of that but make up the revenues by reducing deductions from higher income...
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we shouldn't have deficit reduction right now. we should focus on jobs and employment and continued stimulus for the economy, which i was really happy about the president at least had some of that in his plan. then you ask yourself, okay, what could you do in terms of reducing the deficit that would be the least damaging, and what economists say and what makes common sense is people at the top end of the income scale, who can afford to pay a little more, that's the place where we can raise the rates now and not have a major economic impact. so i take the governor's point, and i agree with it. we probably are going to -- if we're going to continue to make the promises and keep the promises that i think are so important and most progressives do, we probably need to raise taxes on a lot of people. it's a question of timing of when to make those choices. >> the rush limbaugh showed us today how difficult it is for john boehner and eric cantor to make the moves they've already made. let's listen to what rush said. >> what we got today
we shouldn't have deficit reduction right now. we should focus on jobs and employment and continued stimulus for the economy, which i was really happy about the president at least had some of that in his plan. then you ask yourself, okay, what could you do in terms of reducing the deficit that would be the least damaging, and what economists say and what makes common sense is people at the top end of the income scale, who can afford to pay a little more, that's the place where we can raise the...
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. >> bob: can you tell us 30 seconds to tell us how to get the deficit down? >> greg: stop spending. >> bob: i get that. >> eric: i don't need 30 seconds. go over the fiscal cliff. take $1.2 trillion out of spending and tax hikes, stops the spending. mandatory spending cuts across the board. you know what? the only way to do it. only way to do it. everything else is chump change. >> dana: how do you deal with deficit reduction if you raise the taxes on a portion of the country that will pay for the government for 8.5 days? >> bob: you couple that with the social security adjustments and medicare. 'canes that is not what geithner put on the table. >> dana: that is going to be on -- >> bob: that is what is going to be on the table. >> dana: republicans held their feet on the fire. >> bob: whatever it took. >> greg: i used to think howard dean was a proctologist because he had his head up his butt but he pulled the curtain back. it's never about raising taxes on the rich because you run out of rich. >> andrea: right. >> greg: that is the point. >> eric: raise tax
. >> bob: can you tell us 30 seconds to tell us how to get the deficit down? >> greg: stop spending. >> bob: i get that. >> eric: i don't need 30 seconds. go over the fiscal cliff. take $1.2 trillion out of spending and tax hikes, stops the spending. mandatory spending cuts across the board. you know what? the only way to do it. only way to do it. everything else is chump change. >> dana: how do you deal with deficit reduction if you raise the taxes on a portion of...
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. >> the co-chair of obama's deficit commission, but yesterday mr. bowles flatly rejected that connection. meanwhile, the white house is turning to campaign style messaging as a reminder of whose tax plan was chosen in the court of public opinion on election day. >> under my plan, first of all, 98% of folks who make less than 250,000, you wouldn't see your income taxes go up a single dime. all right? because you're the ones who need relief. but we're not going to be able to get it done unless we also ask the wealthiest households to pay higher taxes on their income officials $250,000. the same rate we had when bill clinton was president and our economy kree aed nearly 23 million new jobs. >> and there are reports that republicans are considering a doomsday plan should talks break down. according to senior republican sources the gop would allow a vote on extending bush tax cuts for the middle class and nothing more. under one variation of this plan, house republicans would vote present on the bill to voice their disapproval but still allowing it to pa
. >> the co-chair of obama's deficit commission, but yesterday mr. bowles flatly rejected that connection. meanwhile, the white house is turning to campaign style messaging as a reminder of whose tax plan was chosen in the court of public opinion on election day. >> under my plan, first of all, 98% of folks who make less than 250,000, you wouldn't see your income taxes go up a single dime. all right? because you're the ones who need relief. but we're not going to be able to get it...
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. >> greta: when you became governor, you inherented a in--d a deficit. do you remember what it was? >> yes. the day before the election, the general election, it was $250 million. >> greta: million? >> uh-huh. keep in mind, the state budget is only 5.6 billion, so the day before the general election we were having it reported as $250 million. the day after the election it came $450 million. >> greta: what happened in those 24 or 48 hours? >> certainly the administration that was in place was not being truthful with the public, and so the day after i certainly was informed that the deficit was much bigger. >> greta: how does that happen? weren't the figures public? i mean, i assume that people were following and reporting on governor richardson as a steward of the economy here. >> no. that was not what was happening. when was coming out -- what was coming out of the governor's office were figures that were not being honest with the people. >> greta: you must have just about fallen over when you saw the number jump in a period of 24 or 48 hours. >> absolut
. >> greta: when you became governor, you inherented a in--d a deficit. do you remember what it was? >> yes. the day before the election, the general election, it was $250 million. >> greta: million? >> uh-huh. keep in mind, the state budget is only 5.6 billion, so the day before the general election we were having it reported as $250 million. the day after the election it came $450 million. >> greta: what happened in those 24 or 48 hours? >> certainly the...
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we were very concerned because we thought the budget was going to be -- the deficit was going to be about $150 billion. that shocked everyone into action. then, unlike now, there remains some degree of bipartisanship. there was comity, there was discussion, even as we battled over the budget, we worked together in a bipartisan way on many other issues. you didn't have the total polarization that you have today. >> i mean, when you were elected senate majority leader, i understand one of the first people that you called was the minority leader, senator dole. >> that's right. i called him right away, i went to see him almost immediately, and i said to him look, you've been here a long time, i'm relatively new, these are very tough jobs in the best of circumstances, and if we don't have some degree of trust between us, they will be impossible jobs. so i said to him i want to tell you how i intend to behave toward you and to ask that you behave towards me in the same way. and we agreed on the most basic of things. i told him i would not surprise him, that's important in the senate. that he wo
we were very concerned because we thought the budget was going to be -- the deficit was going to be about $150 billion. that shocked everyone into action. then, unlike now, there remains some degree of bipartisanship. there was comity, there was discussion, even as we battled over the budget, we worked together in a bipartisan way on many other issues. you didn't have the total polarization that you have today. >> i mean, when you were elected senate majority leader, i understand one of...
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it makes the deficit better. it would go a long way toward curing the deficit, but the deficit isn't the immediate problem for most people, the weak economy is. >> i agree. >> and if we dive off the fiscal cliff, the economy could get much weaker. that's -- >> by the way -- >> -- millions of americans. it's a problem for barack obama. >> just to back you up, i really think the great thing is the economy is just starting to lift up a. the unemployment rate is really starting to come down. we're getting good job production. thank you so much, ladies, for coming on tonight. thanks for the sharp thinking we got tonight. >>> up next, if you can't win by the rules, change then. that's what republicans are trying to do in pennsylvania. they don't like the lerer toal college because it didn't work for them. come back for the place for politics. derate alzheimer's, you'll also care about our new offer. you get access to nurses who can help with your questions. and your loved one can get exelon patch free for 30 days. if t
it makes the deficit better. it would go a long way toward curing the deficit, but the deficit isn't the immediate problem for most people, the weak economy is. >> i agree. >> and if we dive off the fiscal cliff, the economy could get much weaker. that's -- >> by the way -- >> -- millions of americans. it's a problem for barack obama. >> just to back you up, i really think the great thing is the economy is just starting to lift up a. the unemployment rate is really...
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party over the fiscal cliff proposal that he made with some saying it doesn't go far enough to fix the deficit. we'll break down what this means for negotiations ahead with our morning joe panel. but up next -- you never know who you'll see on a new york city subway. and for one kindly old lady, she literally did not know who she was seeing and sitting next to. we'll play her full conversation with jay-z when "way too early" comes right back. [ woman ] ring. ring. progresso. i just finished a bowl of your new light chicken pot pie soup and it's so rich and creamy... is it really 100 calories? let me put you on webcan... ...lean roasted chicken... and a creamy broth mmm i can still see you. [ male announcer ] progresso. you gotta taste this soup. time for citi price rewind. because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it finds one, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok.
party over the fiscal cliff proposal that he made with some saying it doesn't go far enough to fix the deficit. we'll break down what this means for negotiations ahead with our morning joe panel. but up next -- you never know who you'll see on a new york city subway. and for one kindly old lady, she literally did not know who she was seeing and sitting next to. we'll play her full conversation with jay-z when "way too early" comes right back. [ woman ] ring. ring. progresso. i just...
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the focus of this effort to reduce deficits now is on getting them, in the federal budget deficit to the range of 3% or so. that is what i mean when i say policymakers are not trying to get rid of the budget deficits. given the economic weakness, a little bit of deficit spending is probably not a terrible thing, at least in the eyes of some budget economists. i think there would be comfort in washington around 3% of gdp. getting there is a big challenge. there are problems with medicare and social security. they are facing big deficit situations. host: what motivates the creation of deductions? what about the other incentives? mortgage deduction it to encourage people to buy a home. guest: some of the deductions have been around forever, since the invention of the income tax. there has always been a deduction for interest that you paid. the government didn't think it could distinguish between mortgage interest and other kinds of interest. less interest is deductible now. some of the things are left over from the early days of the tax code. there is no magic about allowing people to d
the focus of this effort to reduce deficits now is on getting them, in the federal budget deficit to the range of 3% or so. that is what i mean when i say policymakers are not trying to get rid of the budget deficits. given the economic weakness, a little bit of deficit spending is probably not a terrible thing, at least in the eyes of some budget economists. i think there would be comfort in washington around 3% of gdp. getting there is a big challenge. there are problems with medicare and...
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that begins to reduce your deficit right there. so it's win/win. >> terry, i got to say, this is music to my ears. i read your column. i really liked it. you say it's the jobs crisis that needs to be addressed right away. you say lowering unemployment is probably the single most important thing we can do to reduce the federal budget deficit over the next few years. no complaints from me. no argument there. i'm just wondering, though, where were these criticisms of president obama last year? i went through your press releases from last year. and i have them in front of me. it's domestic violence, marriage equality, war on women, richard murdoch, love your body day, abortion ban, war on women, abortion, i mean, on and on and on. i don't see anything in here that talks about the unemployment crisis. why now? >> actually, we have been talking about the unemployment crisis. i'll send you all the materials that we've put out about that previously. one of the things that we actually spent an enormous amount of time and resources on last y
that begins to reduce your deficit right there. so it's win/win. >> terry, i got to say, this is music to my ears. i read your column. i really liked it. you say it's the jobs crisis that needs to be addressed right away. you say lowering unemployment is probably the single most important thing we can do to reduce the federal budget deficit over the next few years. no complaints from me. no argument there. i'm just wondering, though, where were these criticisms of president obama last...
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Dec 6, 2012
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i'm saying at some point, talking about the attention deficit disorder that this nation suffers from in terms of politics, the poor have to have a spokesperson to articulate their viewpoints, a marion wright etleman, someone who speaks about the devastation the poor endured. there's a value in speaking it into existence so on shows like this or sunday morning programs the poor have a seat at the table. >> think of the man with the golden throat a spokesperson on this hour, which i applaud you. >> where is john edwards? >> john edwards. >> getting a haircut. >> if there was an oil painting of john edwards -- the haircut's not the first thing they'd mention. nbc's -- >> john edwards has an oil painting of himself in his house, i bet money on that. >> she didn't say oily. >> the seasonally elegant luke russert, thank you for joining us. and cnbc's john harwood, thank you. >>> fast-food works are joining thousands of low-wage earners in a day of solidarity. our super sized income problem in america ahead on "now." >>> time for the "your business" entrepreneur of the week. lauren wanted t
i'm saying at some point, talking about the attention deficit disorder that this nation suffers from in terms of politics, the poor have to have a spokesperson to articulate their viewpoints, a marion wright etleman, someone who speaks about the devastation the poor endured. there's a value in speaking it into existence so on shows like this or sunday morning programs the poor have a seat at the table. >> think of the man with the golden throat a spokesperson on this hour, which i applaud...
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Dec 5, 2012
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now we know deficits are running $1 to $1.5 trillion. what's changed is on the spending side yet all this discussion is on the tax revenues. you can tax every millionaire 100% and run the government for two or three months. this is a spending driven crisis and it has to be solved on the spending side. until the president gets serious about it, i'm not sure what there is to talk about, soledad. >> i'm not sure that the only conversations have just been on the tax side. i actually think there have been conversations on both. at this moment, right, we're going over or toward the fiscal cliff. if you do nothing, all of our taxes are going up. why not, as a first move, say, listen, nobody at this point wants to raise taxes on the middle class and people who are lower income. so let's do some kind of a deal now and that will keep us from going over the fiscal cliff. then let the tax cuts expire for the wealthy january 1st. it happens. then you can do some kind of negotiation. and that keeps us from going over the fiscal cliff. it's going to ha
now we know deficits are running $1 to $1.5 trillion. what's changed is on the spending side yet all this discussion is on the tax revenues. you can tax every millionaire 100% and run the government for two or three months. this is a spending driven crisis and it has to be solved on the spending side. until the president gets serious about it, i'm not sure what there is to talk about, soledad. >> i'm not sure that the only conversations have just been on the tax side. i actually think...
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after refusing the proposal last week, house republicans offered an outline for $2.2 trillion in deficit reduction mostly through spending cuts, and while president obama would not answer questions about the counterproposal -- >> no deal better than a bad deal, sir? >> thank you. >> reporter: -- a senior white house official assailed it as a step backwards saying if republicans do not agree to some higher rates for wealthier taxpayers, the nation will go over the cliff and the american people will hold the republicans responsible. wall street remains optimistic a deal will be struck, so the lack of progress has not yet resulted in a market plunge, but some economists estimate that because of the uncertainty posed by the fiscal cliff, at least 200,000 fewer jobs have been created this year. and, diane, the official deadline for the fiscal cliff is december 31st at midnight when the ball drops in times square, but there's actually another deadline. the house of representatives is scheduled to go on winter break a week from friday, so really there are only 11 days to work out a plan as of n
after refusing the proposal last week, house republicans offered an outline for $2.2 trillion in deficit reduction mostly through spending cuts, and while president obama would not answer questions about the counterproposal -- >> no deal better than a bad deal, sir? >> thank you. >> reporter: -- a senior white house official assailed it as a step backwards saying if republicans do not agree to some higher rates for wealthier taxpayers, the nation will go over the cliff and the...
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Dec 4, 2012
12/12
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end, you want to see the left and the right come together and find a credible plan in reducing the deficit but avoiding actually falling off a cliff at the end of the year. it's very possible that they don't reach an agreement between now and january 1st. however, when january 15th hits and most americans receive their first paycheck and they notice it's actually lower, i think hell is going to break loose. as a result of that, they'll come back to the table and reach an agreement. >> i think don't panic is good advice, but i don't see what the problem is with taking a little cash off the table here and putting it on the side and waiting to see if we do get a major adverse market reaction to them putting that cash to work once we get a resolution. >> this is what makes a market. thank you for your divergent thoughts on the market today. see you later. thanks. >>> when we come back, we have the closing countdown already for this tuesday. >> then, we're watching netflix. the stock surging today on a deal with disney. is the stock move justified? we'll check it out. more on that straight ahea
end, you want to see the left and the right come together and find a credible plan in reducing the deficit but avoiding actually falling off a cliff at the end of the year. it's very possible that they don't reach an agreement between now and january 1st. however, when january 15th hits and most americans receive their first paycheck and they notice it's actually lower, i think hell is going to break loose. as a result of that, they'll come back to the table and reach an agreement. >> i...
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Dec 7, 2012
12/12
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it does not solve the deficit. it is not a serious deficit proposal. the credit rating agencies are looking for a plan that lowers the gdp to debt ratio. i do not think there is a magic number. social security, medicare, to find a sustainable path for word on them. do you think the president's plan adequately addresses the sustainability of medicare and social security? >> i think he needs to go further. i do not think it is enough. i believe the proposals are good ones. i think they are hard proposals to make because they're substantive. to achieve fiscal sustainability in the context of $3 trillion in 10-year deficit reduction, i think we need to do more. >> looking at the republican plan and the president's proposal, do you see any common ground? >> the common ground is that we're looking at the same proposals. cbo has scored a number of different approaches. i also think there is no general agreement in the context of the current discussion, we will not make any major structural changes to these programs. we will not block grant medicaid, and we wi
it does not solve the deficit. it is not a serious deficit proposal. the credit rating agencies are looking for a plan that lowers the gdp to debt ratio. i do not think there is a magic number. social security, medicare, to find a sustainable path for word on them. do you think the president's plan adequately addresses the sustainability of medicare and social security? >> i think he needs to go further. i do not think it is enough. i believe the proposals are good ones. i think they are...
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or ten-year deficit projections, something like 70 billion off 1.14 trillion deficit. it won't make a big dent. why is he so dedicated to it? that being said, carol, despite the fact that it sends me a little off kilter, yes, republicans lost the election. they don't have a ton of leverage. they want to try to achieve a deal that they think is going to maximize potential good for the country, meaning spending reform, budget deficit reduction, but the truth is that they don't have a ton of leverage in forcing president obama to take a look at medicare and social security to bring this conversation full circle that really mean serious budget and deficit reform. >> well, i'm sure that the majority of americans are hoping the two sides will come to some sort of deal. wouldn't that be nice? that would be a nice christmas present. will cain, thank you. >> yeah, you bet. >> thanks so much. >>> one of the top u.s. banks out with a pretty rosie prediction for next year. could it be enough to save your 401(k) from that fiscal cliff? ...so as you can see, geico's customer satisfa
or ten-year deficit projections, something like 70 billion off 1.14 trillion deficit. it won't make a big dent. why is he so dedicated to it? that being said, carol, despite the fact that it sends me a little off kilter, yes, republicans lost the election. they don't have a ton of leverage. they want to try to achieve a deal that they think is going to maximize potential good for the country, meaning spending reform, budget deficit reduction, but the truth is that they don't have a ton of...
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Dec 4, 2012
12/12
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president does not represent the bowles simpson plan, nor is it the bowles plan in my testimony on deficit reduction. i simply took the mid point of the public offers, put forward during the negotiations to demonstrate where i thought a deal could be reached at the time. he's very much backing away from speaker boehner's letter. the question i wanted to ask you is some of the details, as you know, it's all in. >> can we spin one more point on that? >> absolutely. >> here's speaker boehner who is taking a mid point on the compromise between the two sides and offered it, and it's already flatley rejected? >> i think he may be rejected, sir, if i may -- >> i'm not talking about simpson -- erskine boelsz. i'm talking about the white house's response to it. >> let's get to that too. i think what erskine bowles is saying in his statement, that this letter from speaker boehner does not represent his theory, number one, but i think the line that the white house is having problems with, and i believe i found it in page two of the speaker's letter, i'll read it to you if i can. he says this, notably
president does not represent the bowles simpson plan, nor is it the bowles plan in my testimony on deficit reduction. i simply took the mid point of the public offers, put forward during the negotiations to demonstrate where i thought a deal could be reached at the time. he's very much backing away from speaker boehner's letter. the question i wanted to ask you is some of the details, as you know, it's all in. >> can we spin one more point on that? >> absolutely. >> here's...
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it is not part of the american deficit. it's an issue that over the years has come back before the american public. the congresses in the past have dealt with it, extended the viability of social security for years and years, and this congress does not need to deal with this problem this year or even next year, the 113th congress. down the road it must be dealt with and there are numerous ways it can be, but to bring social security into the deficit debate is only to cloud this debate and to make it far more difficult for us to find a solution. now, my democratic colleagues and i and the president have made it very clear, we understand the necessity of solving this problem. we are willing to compromise. and the president has put on the table a very complex, detailed program about how we can deal with the deficit, both in the short term and the years ahead. and we need to proceed with that, unfortunately it was just simply dismissed and a new, actually a rebaked, redone, rehashed proposal put on the table by our republican c
it is not part of the american deficit. it's an issue that over the years has come back before the american public. the congresses in the past have dealt with it, extended the viability of social security for years and years, and this congress does not need to deal with this problem this year or even next year, the 113th congress. down the road it must be dealt with and there are numerous ways it can be, but to bring social security into the deficit debate is only to cloud this debate and to...
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Dec 7, 2012
12/12
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as i've indicated, the only way to get the kind of revenue for a balanced deficit reduction plan is to make sure that we're also modestly increasing rates for people who can afford it. folks like me. just to be clear, i'm not going to sign any package that somehow prevents the top rate from going up for folks at the top 2%. >> the concerted effort from the white house is very clear. here's white house press secretary jay carney. >> what will produce a deal is an acknowledgement by republicans, republican leaders, that rates on the top 2%, the wealthiest americans, have to rise. there is no deal without that acknowledgement, and without a concrete, mathematically sound proposal -- >> but speaker boehner still insists he can get the revenue without raising rates? >> now, the revenues we're putting on the table are going to come from guess who? the rich. there are ways to limit deductions, close loopholes, and have the same people pay more of their money to the federal government without raising tax rates, which we believe will harm our economy. >> some conservatives just can't stand hear
as i've indicated, the only way to get the kind of revenue for a balanced deficit reduction plan is to make sure that we're also modestly increasing rates for people who can afford it. folks like me. just to be clear, i'm not going to sign any package that somehow prevents the top rate from going up for folks at the top 2%. >> the concerted effort from the white house is very clear. here's white house press secretary jay carney. >> what will produce a deal is an acknowledgement by...
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Nov 30, 2012
11/12
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stuart: you're saying, oh, he left a deficit. it was congressional spending that led it a deficit. let's get back to the original argument. if you now, right now, lowered tax rates you would increase revenue to the treasury. >> you and i disagree on that. you and i disagree on that and i know my history and-- >> you think that by imposing higher tax rates, massive tax increase. >> no, no, not on everyone, not on everyone. stuart: tell me how you're going to get growth when you raise taxes by a trillion 6. go. >> are you talking about deficit reduction or growth. if you're talking about growth. stuart: growth in the economy. >> of course it's a combination of things and it's a matter of-- i believe na a bigger stimulus, for example. stuart: do you believe if we put this plan, the president's plan into practice now. >> i don't think the president's plan will be put into practice. stuart: do you think that we'd get 4 or 5% growth? >> i don't think it's a realistic plan, i said it from day one. stuart: and if we raise taxes, that's the heart of this thing, if we raise taxes do you thin
stuart: you're saying, oh, he left a deficit. it was congressional spending that led it a deficit. let's get back to the original argument. if you now, right now, lowered tax rates you would increase revenue to the treasury. >> you and i disagree on that. you and i disagree on that and i know my history and-- >> you think that by imposing higher tax rates, massive tax increase. >> no, no, not on everyone, not on everyone. stuart: tell me how you're going to get growth when you...
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Nov 29, 2012
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shy add, chris, that another really important part of this conversation in addition to long term deficit reduction is making sure that we get sustained economic recovery. we saw some good numbers today, but we want to make sure that we sustain that recovery. and extending middle class text cuts is part of it, but so is investing in our infrastructure, so are other elements of the president's jobs plan that should be part of this overall agreement. >> we have seen several liberal democrats to say that it is better to go off that cliff than to get a bad deal. and i'm wondering if you agree because it seems like the ceos who came out of the meeting with the president yesterday were most worried or at least seriously worried about the effect of not getting a deal on time and the effect that will have on the economy. >> we absolutely want to avoid going over the fiscal cliff because it would be a big drag on the economy. >> but are you willing to do that? >> what we're willing to do is come up with a package that both accelerates economic recovery, but also begins to reduce the long term defi
shy add, chris, that another really important part of this conversation in addition to long term deficit reduction is making sure that we get sustained economic recovery. we saw some good numbers today, but we want to make sure that we sustain that recovery. and extending middle class text cuts is part of it, but so is investing in our infrastructure, so are other elements of the president's jobs plan that should be part of this overall agreement. >> we have seen several liberal democrats...
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Dec 5, 2012
12/12
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we'll then have big deficits in 2013. now we have been here before. this happened in california in 2 dhou 2001. capital gains boomed, then crashed. people front loaded their income when they expect it to go up, just like they're doing today. cap gains doubled to $52 billion, then the next year they crashed to $33 billion. the government struggled to fill that hole. the lesson here is that tax changes create huge spikes and crashes in revenue. now if governments understood this, we could plan for it but so far, brian, there is no evidence that governments, either state or federal, have learned this lesson. >> why is this so hard for us to figure out? you just laid it out. we've been here before. >> we've been here before. we've been here every decade we get to this point where we have this sudden artificial explosion in revenues whether from the market or tax havens. when governments get money they like to spend it. they like to pretend it is the new normal and they can budget along those lines but the temptation is to spend that money and budget aroun
we'll then have big deficits in 2013. now we have been here before. this happened in california in 2 dhou 2001. capital gains boomed, then crashed. people front loaded their income when they expect it to go up, just like they're doing today. cap gains doubled to $52 billion, then the next year they crashed to $33 billion. the government struggled to fill that hole. the lesson here is that tax changes create huge spikes and crashes in revenue. now if governments understood this, we could plan...
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Nov 30, 2012
11/12
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FOXNEWSW
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and i want to do all this while bringing down our deficits in a balanced and responsible way. [applause] now, on this last point you've probably heard a lot of talk in washington and in the media about the deadlines that we're facing on jobs and taxes and investments. this is not some run-of-the-mill debate. this isn't about which political party can come out on top in negotiations. we've got important decisions to make that are going to have a real impact on businesses and families all across the country. our ultimate goal, our long-term goal is to get our long-term deficit under control in a way that is balanced and is fair. that'd be with good for businesses, for our economy, for future generations. and i believe both parties can and will work together in the coming weeks to get that done. we know how that gets done. we're going to have to raise a little more revenue, we've got to cut out spending we don't need building on the trillion dollars of spending cuts we've already made, and if we combine those two things, we can create a path where america's paying its bills while
and i want to do all this while bringing down our deficits in a balanced and responsible way. [applause] now, on this last point you've probably heard a lot of talk in washington and in the media about the deadlines that we're facing on jobs and taxes and investments. this is not some run-of-the-mill debate. this isn't about which political party can come out on top in negotiations. we've got important decisions to make that are going to have a real impact on businesses and families all across...
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Nov 29, 2012
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jobs went down, the deficit went up. we also know, reverend al, from the nonpartisan congressional office, that those tax breaks for the very wealthy people have virtually no impact on jobs and economic growth and that the proposals the president has made, both the middle class tax extension, plus his small business tax cut, taken together do a lot more than you would get in terms of job growth from providing the folks at the very top with this bonus tax break. so you've got to look at the president's entire plan, both the investment in our infrastructure as well as middle class tax relief and small business tax relief and that is the jobs plan for the future and no matter what republicans say, the reality is that at the end of the day they are looking out for the folks at the very top. we know from our own history. >> yeah. >> that history is bankrupt. >> and these are things we need. if you look at what hurricane did to new york and new jersey, we certainly need to work on the infrastructure. congressman chris van holl
jobs went down, the deficit went up. we also know, reverend al, from the nonpartisan congressional office, that those tax breaks for the very wealthy people have virtually no impact on jobs and economic growth and that the proposals the president has made, both the middle class tax extension, plus his small business tax cut, taken together do a lot more than you would get in terms of job growth from providing the folks at the very top with this bonus tax break. so you've got to look at the...